Cofinimmo S.A.

Cofinimmo reported 2025 gross rental income of EUR 355 million, up nearly 3% like-for-like, with overall occupancy at 90.4% and healthcare occupancy at 98.4%. EPRA earnings increased 0.7% to EUR 246 million, and EPRA EPS was EUR 6.45, both above guidance. Net result group share was EUR 213 million, or EUR 6.61 per share, compared with a year earlier increase of EUR 150 million. The board confirmed a gross dividend of EUR 5.20 per share for 2025, payable in 2026. For 2026, Cofinimmo expects EPRA EPS of EUR 6.35 per share, excluding nonrecurring effects from the proposed Aedifica combination, and a debt-to-asset ratio of around 44%. Management also outlined 2026 gross investment of EUR 310 million, divestments of EUR 110 million, and net investment of around EUR 200 million.

Jean-Pierre Hanin framed 2025 as a strong year operationally and financially despite a volatile macro backdrop, emphasizing that results exceeded outlook. He highlighted the continued transformation into a leading European healthcare REIT, the quality of the portfolio, and the resilience of the Brussels CBD office assets. His tone was upbeat but transitional, with repeated references to the Aedifica deal and the expectation that the combined company will benefit from a lower cost of capital.

Jean Kotarakos focused on the earnings bridge, margin-related portfolio movements, and the balance sheet. He said the like-for-like rental increase was almost 3%, the year-on-year change in gross rental income was minus 1.1% mainly due to scope changes, EPRA earnings were EUR 246 million, and EPRA EPS was EUR 6.45. He also noted a EUR 1.4 million net expense below EPRA earnings from the Aedifica combination and a finance lease receivable divestment, debt-to-asset ratio of 42.8%, average cost of debt of 1.5%, average debt maturity of 3 years, and EUR 2.6 billion in sustainable financing with more than EUR 1 billion of available credit-line headroom.

Analysts focused on write-downs/receivables at healthcare tenants, office occupancy trends, the mix of 2026 divestments, healthcare investment yields, and a EUR 12 million loss line in associates and joint ventures. Management said the receivable write-downs were offset by EUR 6 million of indemnities, described tenant issues as tied to broader operator balance-sheet restructuring rather than structural healthcare weakness, and said office occupancy should not significantly deteriorate from here. On the EUR 12 million associate loss, CFO said it was mainly a one-off linked to a German development project, while management also said 2026 guidance already incorporates known tenant situations.